[Federal Register Volume 84, Number 31 (Thursday, February 14, 2019)]
[Notices]
[Pages 4129-4131]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-02328]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities: Information Collection
Revision; Comment Request; Regulation C--Home Mortgage Disclosure
AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.
ACTION: Notice and request for comment.
-----------------------------------------------------------------------
SUMMARY: The OCC, as part of its continuing effort to reduce paperwork
and respondent burden, invites the general public and other Federal
agencies to take this opportunity to comment on a continuing
information collection as required by the Paperwork Reduction Act of
1995 (PRA).
An agency may not conduct or sponsor, and respondents are not
required to respond to, an information collection unless it displays a
currently valid Office of Management and Budget (OMB) control number.
The OCC is soliciting comment concerning the revision of the
information collection titled ``Regulation C--Home Mortgage
Disclosure.''
DATES: Comments must be submitted on or before April 15, 2019.
ADDRESSES: Commenters are encouraged to submit comments by email, if
possible. You may submit comments by any of the following methods:
Email: [email protected].
Mail: Legislative and Regulatory Activities Division,
Office of the Comptroller of the Currency, Attention: 1557-NEW, 400 7th
Street SW, Suite 3E-218, Washington, DC 20219.
Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218,
Washington, DC 20219.
Fax: (571) 465-4326.
Instructions: You must include ``OCC'' as the agency name and 1557-
NEW, in your comment. In general, the OCC will publish comments on
[[Page 4130]]
www.reginfo.gov without change, including any business or personal
information provided, such as name and address information, email
addresses, or phone numbers. Comments received, including attachments
and other supporting materials, are part of the public record and
subject to public disclosure. Do not include any information in your
comment or supporting materials that you consider confidential or
inappropriate for public disclosure.
You may review comments and other related materials that pertain to
this information collection beginning on the date of publication of the
second notice for this collection \1\ by any of the following methods:
---------------------------------------------------------------------------
\1\ Following the close of the 60-day comment period for this
notice, the OCC will publish a notice for 30 days of comment for
this collection.
---------------------------------------------------------------------------
Viewing Comments Electronically: Go to www.reginfo.gov.
Click on the ``Information Collection Review'' tab. Underneath the
``Currently under Review'' section heading, from the drop-down menu,
select ``Department of Treasury'' and then click ``submit.'' This
information collection can be located by searching by OMB control
number ``Regulation C--Home Mortgage Disclosure.'' Upon finding the
appropriate information collection, click on the related ``ICR
Reference Number.'' On the next screen, select ``View Supporting
Statement and Other Documents'' and then click on the link to any
comment listed at the bottom of the screen.
For assistance in navigating www.reginfo.gov, please
contact the Regulatory Information Service Center at (202) 482-7340.
Viewing Comments Personally: You may personally inspect
comments at the OCC, 400 7th Street SW, Washington, DC. For security
reasons, the OCC requires that visitors make an appointment to inspect
comments. You may do so by calling (202) 649-6700 or, for persons who
are deaf or hearing impaired, TTY, (202) 649-5597. Upon arrival,
visitors will be required to present valid government-issued photo
identification and submit to security screening in order to inspect
comments.
FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, OCC Clearance
Officer, (202) 649-5490 or, for persons who are deaf or hearing
impaired, TTY, (202) 649-5597, Chief Counsel's Office, Office of the
Comptroller of the Currency, 400 7th Street SW, Washington, DC 20219.
SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501-3520), federal
agencies must obtain approval from the OMB for each collection of
information that they conduct or sponsor. ``Collection of information''
is defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3(c) to include agency
requests or requirements that members of the public submit reports,
keep records, or provide information to a third party. Section
3506(c)(2)(A) of title 44 requires Federal agencies to provide a 60-day
notice in the Federal Register concerning each proposed collection of
information, including each proposed revision of an existing collection
of information, before submitting the collection to OMB for approval.
To comply with this requirement, the OCC is publishing this notice.
Title: Regulation C--Home Mortgage Disclosure Act.
OMB Control Nos.: 1557-NEW.\2\
---------------------------------------------------------------------------
\2\ Regulation C is currently covered by OMB Control No. 1557-
0176, which also covers other consumer regulations. The OCC is
requesting a new control number for Regulation C only.
---------------------------------------------------------------------------
Type of Review: Regular review.
Description: Regulation C,\3\ which implements the Home Mortgage
Disclosure Act \4\ (HMDA) enacted in 1975, requires certain depository
and non-depository institutions that make certain mortgage loans to
collect, report, and disclose data about originations and purchases of
mortgage loans, as well as loan applications that do not result in
originations. HMDA generates loan data that can be used to: (1) Help
determine whether financial institutions are serving the housing needs
of their communities; (2) assist public officials in distributing
public-sector investments so as to attract private investment to areas
where it is needed; and (3) assist in identifying possible
discriminatory lending patterns and enforcing anti-discrimination
statutes.
---------------------------------------------------------------------------
\3\ 12 CFR part 1003.
\4\ 12 U.S.C. 2801-2811.
---------------------------------------------------------------------------
The Dodd-Frank Wall Street Reform and Consumer Protection Act of
2010 \5\ (the Dodd-Frank Act) transferred HMDA and its rulemaking
authority from the Board of Governors of the Federal Reserve System
(Board) to the Consumer Financial Protection Bureau (CFPB), and
transferred supervisory and enforcement authority for HMDA for
depository institutions over $10 billion in consolidated assets from
the Board, Federal Deposit Insurance Corporation, OCC, and National
Credit Union Administration to the CFPB.
---------------------------------------------------------------------------
\5\ Public Law 111-203, July 21, 2010.
---------------------------------------------------------------------------
The CFPB published a final rule on October 28, 2015, that expanded
the data collected and reported under HMDA, as implemented by
Regulation C, and published a final rule on September 13, 2017, with
additional corrections and clarifications (final rules). The final
rules also modified the types of lenders and loans covered under
Regulation C. First, for data collected in 2017, and reported in 2018,
the rule simply reduces the number of institutions covered under
Regulation C because only depositories originating more than 25 closed-
end loans must report the data. Then, starting January 1, 2018, an
institution was required to begin collecting expanded data under HMDA
if it either originates 25 or more closed-end mortgage loans or 500 or
more open-end lines of credit secured by a dwelling in each of the two
preceding years, in addition to meeting other criteria. These
institutions will begin reporting the expanded HMDA data in 2019,
except to the extent that a later 2018 rule (discussed below) provides
a partial exemption from reporting certain data. Starting in 2020, an
institution will collect data on open-end lines of credit if it
originates more than 100 open-end lines of credit secured by a dwelling
in each of the two preceding years (and report that open-end lines of
credit data beginning in 2021). An institution also will collect and
report covered loans and applications quarterly if it received a total
of at least 60,000 covered loans and applications in the preceding
calendar year. An institution must report a covered loan if it has met
the loan origination threshold for that loan category (open-end or
closed-end); an institution that is not required to report data may
voluntarily do so.
In addition, the types of loans covered under Regulation C changed
under the final rules beginning in 2018. Covered institutions are
required to collect and report any mortgage loan secured by a dwelling,
including open-end lines of credit, regardless of the loan's purpose.
Dwelling-secured loans that are made principally for a commercial or
business purpose, as well as agricultural-purpose loans and other
specified loans are excluded.
On September 7, 2018, the CFPB issued an interpretive and
procedural rule \6\ to implement section 104(a) of the Economic Growth,
Regulatory Relief, and Consumer Protection Act \7\ (EGRRCPA). Section
104(a) amended certain provisions of the Home Mortgage Disclosure Act
(HMDA) by adding partial exemptions from HMDA's requirements for
certain insured depository institutions and insured credit unions.
Insured depository institutions and insured credit unions covered by a
partial exemption have the
[[Page 4131]]
option of reporting exempt data fields as long as they report all data
fields within any exempt data point for which they report data.
---------------------------------------------------------------------------
\6\ 83 FR 45325.
\7\ Public Law 115-174, 132 Stat. 1296 (2018).
---------------------------------------------------------------------------
Section 104(a) of the EGRRCPA amends HMDA section 304(i), which
provides that the requirements of HMDA section 304(b)(5) and (6) shall
not apply with respect to closed-end mortgage loans of an insured
depository institution or insured credit union if it originated fewer
than 500 closed-end mortgage loans in each of the two preceding
calendar years. Sections 304(b)(5) and (6) do not apply with respect to
open-end lines of credit of an insured depository institution or
insured credit union if it originated fewer than 500 open-end lines of
credit in each of the two preceding calendar years. An insured
depository institution still must comply with HMDA section 304(b)(5)
and (6) if it has received a rating of ``needs to improve record of
meeting community credit needs'' during each of its two most recent
examinations or a rating of ``substantial noncompliance in meeting
community credit needs'' on its most recent Community Reinvestment Act
examination.
We have adjusted our burden estimates based on section 104(a). We
are soliciting comment on the questions set forth below in light of the
section 104(a) changes.
Affected Public: Businesses or other for-profit.
Burden Estimates:
2018:
Estimated Number of Respondents: 683.
Estimated Annual Burden: 723,233 hours.
2019:
Estimated Number of Respondents: 683.
Estimated Annual Burden: 635,938 hours.
Frequency of Response: On occasion.
Comments: Comments submitted in response to this notice will be
summarized and included in the request for OMB approval. All comments
will become a matter of public record. Comments are invited on:
(a) Whether the collections of information are necessary for the
proper performance of the functions of the OCC, including whether the
information has practical utility; (b) The accuracy of the OCC's
estimates of the information collection burden; (c) Ways to enhance the
quality, utility, and clarity of the information to be collected; (d)
Ways to minimize the burden of the collection on respondents, including
through the use of automated collection techniques or other forms of
information technology; and (e) Estimates of capital or start-up costs
and costs of operation, maintenance, and purchase of services to
provide information.
Dated: February 8, 2019.
Theodore J. Dowd,
Deputy Chief Counsel, Office of the Comptroller of the Currency.
[FR Doc. 2019-02328 Filed 2-13-19; 8:45 am]
BILLING CODE 4810-33-P